Recent polling data from the Independent Community Bankers of America (ICBA) suggests most Americans believe that giving cannabis companies access to traditional banking services would benefit public safety, according to a press release.
The data, published on Thursday ahead of the 2024 ICBA Capital Summit in Washington, D.C., found that:
- 64% of Americans believe the Secure And Fair Enforcement Regulation (SAFER) Banking Act, which would protect federally regulated financial institutions that serve state-legal cannabis companies, would benefit public safety.
- Additionally, 54% of Americans agree that allowing cannabis companies to utilize the traditional banking system would benefit underserved communities.
The ICBA polling data also found that 63% of American adults believe cryptocurrencies should be regulated at least as stringently as banks, and 68% believe that credit union customers should be afforded the same consumer protections as banks.
Meanwhile, the American Bankers Association (ABA) said this week that even after cannabis gets moved to Schedule III under the Controlled Substances Act, traditional banking services will not be available to state-legal cannabis markets. Rather, Congress must first adopt the SAFER Banking Act, or a similar proposal, to give the industry proper banking access.
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